Essays on Commodity Markets

This essay is composed of two papers. In the first paper, I build a theoretical model
for the double-sided squeeze in the commodity futures market. The model shows that
the manipulator can profit from combining standard short squeeze techniques with control
of the physical flows in the warehouses. In the second paper, I build a model for
commodity middlemen with aggregate demand shocks. The model shows that having more
middlemen in the market can increase the spot price volatility and decrease producers'
surplus, all contrary to common wisdom.